wells fargo & co (WFC) Key Developments

Wells Fargo & Company Reports Un-Audited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Announces Net Charge-Offs for the Second Quarter of 2015

Jul 14 15

Wells Fargo & Company reported un-audited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net income applicable to common stock of $5.4 billion, or $1.03 per diluted common share compared with $5.4 billion, or $1.01 per share, for second quarter 2014, and $5.8 billion, or $1.04 per diluted share, for first quarter 2015. Net interest income increased $284 million from first quarter 2015 to $11.3 billion, primarily due to broad-based asset growth including investment securities, loans, trading assets and mortgages held-for-sale and net interest income was $10.8 billion in second quarter of 2014. The company reported total interest income of $12.2 billion compared to $11.8 billion, income before income tax expense of $8.5 billion compared to $8.7 billion, net income before non-controlling interests of $5.8 billion compared to $5.8 billion, return on assets was 1.33% compared to 1.47% and return on equity was 12.71% compared to 13.40% in the last year.
For the six months, the company reported net income applicable to common stock of $10.8 billion, or $2.07 per diluted common share compared with $11.0 billion, or $2.06 per diluted share, total interest income of $24.2 billion compared to $23.4 billion, net interest income of $22.2 billion compared to $21.4 billion, income before income tax expense of $16.7 billion compared to $17.0 billion, net income before non-controlling interests of $11.7 billion compared to $11.9 billion for the last year. Book value per common as on June 30, 2015 was $32.96 compared to $31.18 per share as on June 30, 2014.
The company announced net charge-offs of $650 million, down $67 million from second quarter 2014 and $708 million in the first quarter of 2015.

Wells Fargo Appetites For More GE Capital Assets

Jul 14 15

Wells Fargo & Company (NYSE:WFC) is looking at more financial assets being unloaded by General Electric Company (NYSE:GE)'s General Electric Capital Corporation after it bought $9 billion of real estate loans from GE. Portions of GE's $74 billion Commercial Loans and Leases portfolio that are up for sale now "fit nicely with the businesses at Wells Fargo," John Shrewsberry, Chief Financial Officer of Wells Fargo, said.

Wells Fargo Is Looking For Acquisitions

Jul 14 15

Wells Fargo & Company (NYSE:WFC) is looking for acquisitions. Wells Fargo's strong liquidity position and capital level has positioned well to serve existing customers, while growing customer base organically and through acquisition.

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.